REflection paper.docx - TECHNOLOGICAL INSTITUTE OF THE PHILIPPINES 363 P.Casal St Quaipo Manila College of Business Education REFLECTION PAPER In


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TECHNOLOGICAL INSTITUTE OF THE PHILIPPINES 363 P.Casal St. Quaipo Manila College of Business Education REFLECTION PAPER In Partial Fulfillment of the Requirements for the Subject Managing Supply Contracts By Toledo, John Andrei B. Bachelor of Science in Business Administration major in Logistics and Supply Chain Management (BSBA LSCM) Submitted to LCDR., Ma. Luz P. Bacani-Dasmarinas, LCB, LPT, Ed.D., Ph.D., DBA SFRIM, FRIRes, FRIBA, FRICB, FRIEdr., IVPF, APR Course Adviser March 2019 School of Management and Information Technology Export Management Program 2544 Taft Avenue, Manila, Philippines, 1004
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REFLECTON PAPER Chapter 1: Managing Contracts Contract, is a meeting of minds between two persons whereby one binds himself with respect to the other to give something or to render some service. This is the meaning of contract according to the law. I also learned that in a contract there should be a mutual agreement, price paid, capacity, legal relations, and should be communicated. I have learned in this chapter that contract management is a process that makes sure that all parties fully meet their obligation in order to satisfy the operational objectives of the contract and the strategic business goals of the customer. Contract management also involves building a good relationship between client and supplier it also involves managing proactively to see the future needs and respond to situations that may arise. I also remember mam Luz talked about breach of contract, a breach of contract occurs when one party did not do what is said in the contract agreed. And the remedy for this is damages. She also explained about warranty and guarantee, a guarantee is a promise made by the seller that the product is the best quality. Warranty is a guarantee of repair or replacement of the product. Toledo, John Andrei B.
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Chapter 2: Contract Negotiation principles and concept Through this chapter I have learned what the definition of negotiation is. It is a process of formal communication either face to face or via electronic means where two people come together to seek mutual agreement. I also learned why we need to negotiate, first it is a vital part of the purchasing process, second it is an ideal way to implement purchasing strategies and plans that a business unit develops, and third it is an ideal way to convey a purchaser’s requirement to a supplier. I also learned what is the content of a proforma invoice, it includes prices and specification of the products. I also learned that there are five major phases of negotiation. First, identify or anticipate a purchase requirement. Second, determine if negotiation is required. Third, plan for negotiation. Fourth, conduct the negotiation. And fifth, carry out the agreement. I also learned about what is the content of shipping documents. First is bill of lading, second is commercial invoice, third is certificate of origin, fourth is insurance certificate and fifth is packing list. I also learned that usage means pay it in some future time. Contract negotiation is about closing a deal that has a high risk that you need to minimize that you win a deal.
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  • Spring '17
  • Julius Bambico

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